January 30th, 2015: SP-500 EOD Update
Posted by pugsma on January 30, 2015
5:55 pm EST: The SP-500 continues it’s range bound price movement between 1988 and 2065. Once this range breaks, the correct wave count will be revealed. In either case a big move is coming, 200-250 points up (primary) or 50-100 points down (alternate blue).
The primary count is that minute (2) of minor 3 of major [3]-P5-C1 played out as a deep nearly 100% retrace to 1989.18. Wave (3) of minor 3 of major [3] should now be underway and should explode higher and make new highs above 2094. It looks like could have a wave i-ii start to wave (3), with a wave iii = 4.21*i target of 2145. The minor 3 target is 2181, where minor 3 = 1.62*minor 1. The major [3] target is at least 2232, where [3]=[1] and the P5-C1 target is at least 2254, where P5 = 0.62*P1. A break below 1988 would invalidate the primary count.
The alternate (blue) wave count is that minor Y of major [2]-P5-C1 has been underway since the minor X high of 2065. Note, wave major [2] looks to be playing out as a large double Zig-Zag, W (1992), X (2065) and now Y. There are several wave minor Y Fibonacci based targets to look for the major [2] low. We have Y=W = 1962, Y=1.23*W=1939 and Y=1.62*W=1899. There are also the typical 50%/62% retrace targets are at 1950/1918. Wave minor Y looks to have completed minute (a) at 1989 and a minute (b) bounce completed at 2015. Wave (c) of minor Y looks to be underway and has (c)=(a) target at 2049 or (c)=1.62*(a) target at 1902, which agree with the minor [2] targets mentioned above. A break above 2065 would invalidate the alternate (blue) count.
Have an awesome Super Bowl weekend !
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
SP-500 daily chart (EOD):
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